Tuesday Raleigh Mortgage News – 11/10/2015
Triangle home prices and rents rise, and where rates are going in 2016
After a few days of rain and rising mortgage rates, hopefully things will settle down. By all accounts, it looks like the Fed will finally raise rates in December (although Trump doesn’t think Obama will allow that). What does mean?
The above infographic from Keeping Current Matters gives some insight to where we may be heading after an exciting 2015, but as you will see below, the market in Raleigh is as strong as ever. 2016 expects to be just as big, if not bigger.
As always, for a rate quote, or more information on anything mentioned here or elsewhere, feel free to contact me with any questions/queries.
5 Stories in the Triangle Mortgage and Real Estate Headlines (and more)
1. Triangle home prices rise in September
“Home prices increased in September in Raleigh and in the Durham-Chapel Hill market compared with the same period last year, according to a new report from data analysis provider CoreLogic. Home prices, including distressed sales, increased 5.5 percent in the Raleigh market. In the Durham-Chapel Hill area, prices increased 3.6 percent.” Read more from the N&O
2. Triangle apartment rents keep rising as demand stays strong
“A year ago, the Triangle apartment market appeared to be cooling after an extended run of impressive rent growth. With a surge of new units coming on the market, rent growth was flat or down slightly across most types of apartments. But 16 months later, the market is taking off again, according to new data from MPF Research, which analyzes apartment data in 100 U.S. metropolitan markets. Rents for new leases – meaning a unit was vacated and a new tenant moved in – are now rising at an annual rate of 5.3 percent, among the fastest rates of any market in the U.S.” Read more from the N&O
3. Raleigh, Wake County pitch in to provide 64 apartments for low-income families
“Affordable housing provider CASA is partnering with Raleigh and Wake County to acquire 53 apartments off Sunnybrook Road to serve low-income residents in the state’s capital city. The organization is also set to purchase 11 one-bedroom apartments off Western Boulevard to serve individuals living with disabilities.” Read more from the TBJ
4. Ridgewood residents fight for voice in changes to Raleigh neighborhood
“Ridgewood is a community of mostly one-story homes built in the mid-1950s. Few of the homes are larger than 2,500 square feet, and most are valued between $300,000 and $400,000. Instead of sitting on the sidelines as their neighborhood begins to change, three Ridgewood residents have come together in an effort to work with homebuilders to ensure new construction complements existing homes.” Read more from the N&O
5. How demand for rental homes in Raleigh fares among U.S. markets
“The market for rental and investor-owned homes in the Raleigh-Cary metro area continues to be ranked among the 10 strongest markets in the U.S. with an exceptionally low vacancy rate of 3.1 percent. But a smaller increase in median rent rates kept the region from moving any higher among the rankings in the quarterly Rental Ranking Report by All Property Management, one of the largest online networks of property management companies in the U.S.” Read more from the TBJ